Fed Eyes on Gold Market: Kevin Warsh's Statements Awaited
In the gold market, which has been volatile following US inflation data, investors are focusing on the statements to be made by Fed Chair Kevin Warsh.
Following the rise in US inflation, the gold market has entered an effort to recover, and all eyes have turned to the statements to be made by Fed Chair Kevin Warsh.
Market Volatility and Current Status
Gold prices reached a new turning point after sharp fluctuations in recent days, and investors are monitoring the short-term direction.
After a three-day losing streak, gold rose on October 15, only to face selling pressure once again on the morning of Friday, October 16.
Gold Levels in Asian Markets
In Asian trading, the spot price of gold recorded a 0.3 percent decline, trading around $4,156.73.
The focus of the market is less on economic data and more on the messages to be delivered by US Federal Reserve Chair Kevin Warsh.
Inflation and Price Movements
Gold prices had previously suffered a sharp decline following consumer inflation in the US that exceeded expectations.
With the weakening of the dollar and falling US bond yields, spot gold gained over 1 percent during the day.
International Meeting and Schedule
Fed Chair Kevin Warsh attended the annual meetings of the International Monetary Fund and the World Bank held in Bangkok.
Warsh met with IMF Managing Director Kristalina Georgieva in a joint program scheduled to start at 06:30 TRT.
Impact of Expected Messages
While no direct interest rate decision is expected to be announced at the meeting, evaluations regarding the fight against inflation could trigger new movements.
Investors are trying to understand how aggressive the Fed's steps will be in the face of rising inflation.
September Inflation Data
According to data published in the US on October 14, consumer prices increased by 0.6 percent month-on-month in September.
During the same period, annual inflation rose to 3.7 percent, while producer inflation also recorded a 1.3 percent increase.
Upcoming Rate Meeting Calendar
The Fed's next monetary policy meeting will be held on October 27-28, and the decision will be announced.
The interest rate decision is expected to be announced to the public on Wednesday, October 28, and the markets are closely monitoring this date.